Barakah Ties Up with Norway Subsea Specialist

Barakah Ties Up with Norway Subsea Specialist

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17 August 2015

Malaysia's Barakah Offshore Petroleum is set to add deepwater capabilities to its portfolio as its unit teams up with a Norwegian subsea service provider Ocean Installer Ltd (OI), it said in an announcement.

Barakah's unit PBJV Group has signed a memorandum of collaboration with the Stavanger, Norway-headquartered subsea specialist for an exclusive tie-up to provide deepwater installation of subsea umbilicals, risers and flowlines (SURF) and related services in Malaysia.

"The collaboration is a good fit for both PBJV and OI to widen the range of services and market reach for the Malaysia’s oil and gas industry,” Barakah said in a statement.

"The parties’ focus to provide cost-effective, fit-for-purpose solutions should bode well for the current market where clients are adapting to the low oil price environment,” Barakah said.

Barakah said under the agreement, the parties would explore key areas of cooperation such as sharing each other’s expertise, resources and develop business for the offshore oil and gas market jointly in Malaysia.

Plans were underway to seek out prospects for suitable oil and gas-related projects to be pursued and tendered jointly and on an exclusive basis.

For Barakah, the collaboration would support its ambition to move up the value chain.

"This collaboration will allow us to serve the full spectrum of sub-sea installation market for Malaysia’s oil and gas industry and a step up for Barakah to be involved in deepwater segment,” Barakah deputy executive chairman Nik Hamdan Daud said.

"We are optimistic that the co-operation will support Barakah’s ambition to move up the value chain,” he added.

PBJV will bring its expertise as a turnkey onshore and offshore O&G player, with strong capabilities in engineering, procurement, construction, installation and commissioning while OI will bring its skills in providing a full range of subsea services and focus on the deepwater segment to the table.

OI is keen on broadening its capabilities beyond the North Sea basin into new regions including the Asia Pacific.